自2005年7月中國實行了更為靈活的匯率制度至今，已經過去了將近五年。
Since then the yuan has appreciated about 20 percent against the dollar.
Largely due to that, China saw large sums of international capital inflows and abundant liquidity, the "dual surpluses" of international balance of payments, as well as rising foreign exchange reserves.
從那時起，中國人民幣對美元的匯率漲了近20個百分點。
很大程度上正是這個原因，國際資本大量流入中國，而且流動性極強。中國的國際收支“雙順差”，同時外匯儲備亦在增長。
Seventy percent of China's $2.5 trillion foreign exchange reserves were generated during the past five years. A one percentage point appreciation of the yuan against the dollar will attract about $5 billion in capital inflows per month, according to studies based on data between 2006 and 2009.
中國兩萬五千億的外匯儲備中70%的儲備是在過去五年時間裏積累的。2006到2009年的數據研究表明，人民幣對美元匯率每上升壹個百分點就會吸引將近每月50個億的境外資本。
Again, China is facing pressure from the United States and other countries to let the yuan rise, but no one has provided persuasive evidence on the alleged undervaluation of the currency.
中國正再次面臨著來自美利堅和其他國家要求人民幣升值的壓力。然而，尚沒有人能提供人民幣匯率過低的有力證據。
Goldman Sachs' model showed the yuan was undervalued by about 20 percent five years ago but it has approached a reasonable level through previous appreciation.
高盛投資公司的經濟模型展示了人民幣在五年前匯率水平過低了將近20個百分點，在此前的升值調整之後，目前已達到了壹個合理的水平。
However, an exchange rate regime lacking flexibility and solely fixed to the dollar was not in line with the purpose of China's exchange rate regime reform.
As soon as the external clamor fades away, the reform of Chinese currency is likely to restart and the yuan may move up again in the context of China's economic growth.
然而，缺少靈活度並高度依賴於美元的匯率制度並不符合中國匯率制度改革的目的。外界的喧嘩過去之後中國還是很可能重新開始貨幣改革，在中國經濟增長的背景下，人民幣將有可能再度增值。
Though Japan suffered a lot from a big surge in the yen in the 1980s, some still call for a one-off appreciation of the yuan. It would be very dangerous if such a view influences policymakers.
雖然1980年代日元匯率大幅上升給了日本慘痛的教訓，但依然有人要求人民幣壹次性大幅升值。如果我國貨幣政策的制定者也受到這種想法的影響，情況會變得很危險。
Given the high capital inflows in China, a major exchange rate move of above 10 percent will lead to a large proportion of international capital quickly flowing out to profit from the currency gain.
基於中國資本流量大的現狀，如果匯率大幅浮動，超過10個百分點，即會導致很大比例的國際資金為了從貨幣升值中獲益而快速外流。
The move will cause unusual fluctuations in China's capital and property markets, damaging the health of China's economy.
這種資金外流將會導致中國房地產和資本市場的不正常波動，因此將會對中國經濟的健康發展產生破壞性的影響。
Expectations are growing stronger for yuan appreciation and international capital inflows are likely to move faster. The currency rate should remain relatively stable for a period while a small and gradual appreciation is in line with China's industrial and economic situation.
外界對人民幣升值的期望愈演愈烈，國際資本也可能會更快地流入中國。人民幣匯率在符合中國產業和經濟的現狀的條件下小幅、逐步地擡升的同時，更應該在壹個時期內保持相對穩定。